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Real Estate
Reply to "Sister buying me out of parent's vacation home"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Depending on how small of a mortgage she might need, a bank might not do that. [/quote] Is the house currently covered by a mortgage? Or is it currently owned by the two of you mortgage free? If it’s the latter, just give her a little mortgage yourself and cut her a break. It won’t kill you. Why let a bank make money off of your sister when you can make money off of her?[/quote] Never do this. The sister will feel compelled to pay the bank but will let it slide to get sister. If she gets behind it will get ugly. Ask for the $150 plus agree to divide up the contents and sell or be bought out of any you both want. I assume the agent’s pricing is for selling it empty? You could also get an appraisal but you’ll have to pay for that. What’s the assessed value? That could be very low if prices have gone up recently and/or few sales [/quote]
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